United Lithium Takes 83.6% Stake in Finnish Lithium Project
United Lithium (CSE: ULTH) has increased its land holdings in Northern Europe. The firm this morning formally closed on the purchase of the Kietyönmäki Lithium Project.
Located in Finland, the Kietyönmäki project is an early stage project, which has seen historical work conducted by the Finnish Geological Survey, or GTK, as well as Sunstone Metals, one of the selling vendors of the property. Historical exploration includes surface channel sampling as well as shallow drilling.
Lithium mineralization is found on the property via spodumene-bearing pegmatite. Historical drill results include the following:
- R310: 24.25 metres of 1.31% Li2O
- R316: 13 metres of 1.66% Li2O
- R307: 23 metres of 1.53% Li2O
- KMDD001: 42 metres of 1.10% Li2O
United Lithium acquired an 83.6% stake in the property via the acquisition of the same percentage of Litiumlöydös Oy. That firm currently holds a 100% stake in the mining licenses comprising the property. Consideration consisted of $420,000 in cash and the issuance of 871,803 common shares, which are subject ot an 8 month escrow.
United Lithium last traded at $0.51 on the CSE.
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